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The Orca Council has released a governance proposal to buy back up to 55,000 SOL using ORCA.
On August 7, the Orca Council released a governance proposal, planning to use up to 55,000 SOL to buy back ORCA and stake it to validation nodes. During the 5-day voting period and 2-day cooling-off period, ORCA token holders can submit veto votes. Proposal details: · Fund scale: All SOL and USDC in the treasury wallet, currently about 55,000 SOL and 400,000 USDC. · Execution method: All SOL in the treasury wallet will first be staked in the Orca validation nodes, and then periodically withdrawn as needed for executing the Orca buyback plan. The plan will be carried out on a decentralized exchange or in cooperation with market makers, lasting 24 months, with a daily buyback limit of 2% of ORCA's 30-day average trading volume to minimize market impact. · Storage and use of repurchased tokens: The repurchased ORCA tokens will be stored in the multi-signature DAO treasury wallet. The committee plans to burn these tokens to permanently reduce ORCA's circulating supply, allocate them to the xORCA pool as rewards, or use them for ecosystem funding. · Risk management of the buyback plan: Buybacks will be paused during periods of high market fluctuation (when ORCA's price fluctuates more than 15% in 24 hours).